As we broke the news with respect to One Ecker last May: “The development is in receivership (and all deposits have been returned).”
As a plugged-in reader reports today: “Construction lender foreclosed on the project [an hour ago]. Beneficiary (represented by an attorney from LA) bid $14,000,000. No takers.”
∙ As One Ecker Turns: (Our Fourth Update): Selling In Receivership [SocketSite]
It would make a cool little performance theatre location. ?? 🙂
I just don’t understand why anyone thought this was anything other than a building for offices.
Hey, I used to work there when it was offices. It felt a bit lost below it’s tall neighbors, but it was a nice space. Never could imagine why anyone would want to live there, though.
broker talk was that this was being pursued heavily by oz ericson / emerald fund to buy out of FC and ” redevelop”.
From what I can tell, over $31 million was owed on the note. It appears to be a judicial foreclosure, and the suit claims that the developer signed a personal guaranty. IANAL, YMMV…
I showed One Ecker to a client when they first started showing the units. The sales team was so disorganized, I’m wondering how many deposits they actually had to give back.
Residential makes no sense in this building.
at least it’s close to Yang Sing.
It looks like there’s some finishes to at least A unit…noticed they cleaned up the building on the side by Yank Sing by removing those wooden box structures.
Have been meaning to find out what was going on with this property. Agree, location seems quite terrible especially to “buy” being boxed in to Ecker Square and the Stevenson Place buildings.
Anyone know what kind of mechanic liens, back owed property taxes, etc that a bidder would have had to take subject too?
$14,000,000 is about $270,000 per residential unit doesnt seem like that much!
I roamed over the entire project around a year ago. The sales staff was so disinterested in visitors that anyone who entered the property was free to explore at will. At that time expensive appliances and plumbing fixtures were in the process of being installed in many of the units. So somebody is in this project for a lot more than just real estate and basic construction costs. I liked the interiors, but almost every window looks directly into someone’s office or the window of another apartment–no privacy at all. The huge windows are the draw but they would have to be covered most of the time. I wonder if this building could make it as a boutique hotel.
Is there a way to look up title like mechanics lien etc without pulling a prelim on the property?
Would it make nice senior housing?
Foreclosure clears all junior liens (ie mechanics) unless that are secured by a bonded stop notice.